COMPANY PRESENTATION | MARCH 2015 - ITM Power I• 360kW £378k £773k Sale Phaedrus 120kW £129k £731k Grant Common E 120kW £217k £279k Grant HyFive 3x 360kW £2.31m £2.75m Grant

COMPANY PRESENTATION | MARCH 2015

PROJECTS UNDER CONTRACT

ENERGY STORAGE | CLEAN FUEL

PROJECTS UNDER CONTRACT

Contract Project To be paid Project Type

EcoIsland 360kW £205k £1.5m Grant

Chino I 360kW £378k £773k Sale

Phaedrus 120kW £129k £731k Grant

Common E 120kW £217k £279k Grant

HyFive 3x 360kW £2.31m £2.75m Grant

Riverside 60kW+ £1,386k £1,386k Grant

Megastack £795k £795k Grant

Agritech £608k £608k Grant

RWE 360kW £566k £566k Sale

HMGS III Hpac 40+ £109k £109k Sale

HELES £897k £897k Grant

Other Smaller 541k Sales

Total £8,141k

Pipeline of projects is rapidly growing

• £10.89m of projects under contract or in the

final stages of negotiation

• £8.14m of projects under contract

• £2.75m of contracts in final negotiation

• Growing pipeline

KPI 5: PROJECTS UNDER CONTRACT


PROJECTS UNDER CONTRACT Pipeline of projects is rapidly growing

• £10.89m of projects under contract or in the

final stages of negotiation

• £8.14m of projects under contract

• £2.75m of contracts in final negotiation

• Growing pipeline

Pipeline

Tenders

Applications

Negotiation

Contracts Under Contract

Signed off Recognised

Work done £0.0m

£2.0m

£4.0m

£6.0m

£8.0m

£10.0m

£12.0m

In Negotiation

Under Contract

Production ramping rapidly

• Standardisation has enabled cost reduction

• Expansion with new test bays and 1MW substation

• Factory throughput significantly increased

• Announced 05 January 2015

PRODUCTION EXPANSION

PLANNING

HYDROGEN ENERGY SYSTEMS

ATLAS WAY



Testing

ATLAS WAY: 20% EXPANSION

P2G PROJECTS

THÜGA PROJECT

RWE

NG/AMEC

P2G PLANT & VISITOR CENTRE


NRM: MIXING PLANT


Rapid engagement

• Announced on 11 December 2014

• RWE is one of Europe’s five leading electricity and gas companies

• In fiscal year 2013, RWE recorded €54 billion in revenue

• 65% upfront

SALE TO RWE | WESTNETZ

RWE | WESTNETZ


POWER-TO-GAS


POWER-TO-GAS IN UK

National Grid | AMEC

• Grid Gas: NG | SSE | Shell

• NG/AMEC 1: Feasibility study | £120k funded by NG

• 200/300 x Multi-MW opportunities in the UK alone

• NG/AMEC 2: Contract to identify the first project sites

GridGas NG/AMEC 1 NG/AMEC 2 First Plant

Sale

CPUC Sets the energy storage mandate for the power sector

• Energy storage target of 1,325 megawatts

• Obligation on 3 major CA utilities by 2020

• Optimization of the grid, including peak reduction

• Integration of renewable energy

• Reduction of GHG emissions to 80% below 1990 levels by 2050

“This decision represents an important first step in encouraging

the storage market and supporting grid reliability,” Commissioner Carla J. Peterman, the lead Commissioner for this proceeding.

CALIFORNIA ENERGY STORAGE

1.3GW ENERGY STORAGE MANDATE IN CALIFORNIA


US COMPLIANCE

Working with CSA for North American market

• 14 months of interaction with CSA

• Over 250 individual build requirements identified

• System technical file reviewed

• Construction evidence has been assessed

• Alarm, ingress, functional & pressure tests completed on-site

• Functional testing to be witnessed this month

• EMC to local requirements underway


NORTH AMERICAN COMPLIANCE

CLEAN FUEL

Code Status Project Location Specification Funding Contract Value

Ownership

HRS 001 Operating Nottingham Univ of Notts 5kg/day 350 bar TSB (UK Gov) £275k Univ of Notts

HRS 002 Operating HOST Mobile refueller 15kg/day 350 bar TSB (UK Gov) £326k ITM Power

HRS 003 Operating EcoIsland marine Ventnor, Isle of Wight 15kg/day 350 Bar TSB (UK Gov) £326k ITM Power

HRS 004 Operating M1 vehicle M1 Junction 33 80kg/day 350Bar TSB (UK Gov) £1.2m ITM Power

HRS 005 In Build HyFive 3 stations in London 80kg/day 700 bar FCH JU (EU) £1.55m ITM Power



HRS 008 In Build CHINO Hyundai Chino, California 100 kg/day 700bar CEC £1.7m Hyundai

HRS 009 In Build Riverside Riverside, California 33kg/day 700 bar CEC £1.7m ITM Power

ITM POWER | REFUELLING STATIONS

REFERENCE PLANT | ASSETS


ON-SITE HYDROGEN PRODUCTION


80KG/DAY REFUELING SYSTEM

UK REFUELLING STATIONS

UK REFUELLING STATIONS

EcoIsland (TSB)

1x80kg | 1x15kg

£1.5m

HyFive (EU)

3x80kg

€3.0m

OLEV £11m Call

6x80kg

Tender

H2Mobility

65x80kg

Tender

H2Mobility

1,000 Stations

Tender

Development of a UK Infrastructure Business

• Grant funded Capex and Opex

• Maintenance contract with each award

• OLEV £11m announced | OLEV £60m call in early 2015

• OLEV have indicated £100m allocated for hydrogen


FCH JU 2: 2015

FCH JU 2: 2014


FCH budget €1.4bn over 4yrs

• Development: 100% of the total eligible cost

• Demonstrations: 70% maximum will apply for profit making entities

EcoIsland (TSB)

1x80kg | 1x15kg

£1.5m

HyFive (EU)

3x80kg

€3.0m

P1: Transport

2015: €40m

Tender

P2: Energy

2015: €40m

Tender

FCH JU2

€1.4bn

Annual Tender

CALIFORNIA REFUELLING STATIONS

CALIFORNIA REFUELLING STATIONS

2013 PON

Hyundai Chino

Won $1.3m

2014 PON

Riverside

Won $2.1m Bid

2015 PON

10x100kg

Tender

8 More PON’s

80x100kg

Annual Tender

California Hydrogen Infrastructure Deployment

• Fund of $200m for 100 hydrogen stations with up to $20m a year for 10yrs

• 2012: ITM Power Inc. established in California

• 2013: ITM Power Inc. wins H2 station award with 2 North American partners at Hyundai, Chino

• 2014: ITM Power Inc. wins H2 station award with 2 North American partners at the City of Riverside


Key Financial Results for the period ended 31 October 2014:

Total Income incorporating sales revenue and projects income £1.34m (2013: £1.61m)

Sales Revenue £0.521 (2013: £0.711m)

Collaborative projects income £0.823m (2013: £0.901m)

Increase in fixed assets to £1.524m from £1.421m, up 7%

Loss from operations £3.69m (2013: £3.29)

Cash burn £3.09m (2013: £4.14m)

Cash balance £6.67m (2013: £3.70m)

INTERIM RESULTS:

FOR THE PERIOD ENDING OCTOBER 2014

PRODUCT SALES & PROJECT INCOME


PRODUCT SALES & PROJECT INCOME

Revenue growth of 93% from 2013 to 2014

For year ending April 30th 2013

• £1.45 total inflow

• £0.09m product sales

• £1.36m grant funding


• £3.12m total inflow


• £1.96m project funding

PROJECT INCOME


PROJECT INCOME

Customers are often confidential; we announce when

possible. Order book needs strong balance sheet


• £1.45 total inflow


• £1.36m grant funding


• £3.12m total inflow


• £1.96m project funding

£0

£500,000

£1,000,000

£1,500,000

£2,000,000

£2,500,000

£3,000,000

£3,500,000

£4,000,000

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Collaborative Project Funding

Negotiation

Secured

Paid

HEAD COUNT | STAFF COSTS



Staff and Country Reps | £4m pa

• Headcount remaining consistent with prior year despite increased activity

• £1.2m of costs (labour and overhead) funded by grants

-

10

20

30

40

50

60

70

80

90

Staff numbers per month

Overseas

UK




Staff and Country Reps | £4m pa

• Headcount remaining consistent with prior year despite increased activity

• £1.2m of costs (labour and overhead) funded by grants

£0

£50,000

£100,000

£150,000

£200,000

£250,000

£300,000

£350,000

£400,000

Staff Costs per month

Overseas

UK

CASH BURN


CASH BURN | UNDERLYING TRENDS

Major objective to get cash flow positive in as short a time frame as possible

• Increased stock levels representative of increased activity

• Increased activity in project and commercial builds

• ITM Power are becoming an owner of assets that provide commercial opportunities in the future

0

1000

2000

3000

4000

5000

6000

7000

8000

2011 2012 2013 2014 Six months toOctober 2015

Increase in Stock £000

Increase in Assets £000

Underlying Cash burn £000

COMPANY PRESENTATION | MARCH 2015

Documents

COMPANY PRESENTATION | MARCH 2015 - ITM Power I• 360kW £378k £773k Sale Phaedrus 120kW £129k £731k Grant Common E 120kW £217k £279k Grant HyFive 3x 360kW £2.31m £2.75m Grant